Lowe's stock pops, CEO says Americans will renovate homes instead of moving

Lowe's (LOW) CEO expects home renovations to ramp up in lieu of homeowners taking on new homes because of still-high mortgage rates. Wall Street liked the message. In trading this afternoon, the home improvement chain's stock was up nearly 6%. Americans have "significant equity" of an "average of $400,000 in equity per home," Lowe's CEO Marvin Ellison told Yahoo Finance — a good formula for renovations. "We expect homeowners to start, at some point, to tap into these ... home equity lines of credit (HEL ...